Kerala-based start-up Tranzmeo, has secured an undisclosed pre-seed round funding from Hindustan Petroleum Corporation Ltd (HPCL) for its Artificial Intelligence- (AI) powered product, T-connect OneView.
Tranzmeo is a NASSCOM 10,000 incubated start-up.
Congratulations to Tranzmeo our Kochi warehouse incubated #startup in securing funding for their revolutionary product T-connect OneView. https://t.co/jTp3XjKNt3 #StartupSuperstar pic.twitter.com/qrZhmz2JmW
— 10,000 Start-ups (@NASSCOMStartUps) December 26, 2018
The funds will be used to accelerate research and development of its advanced, proprietary technology and product line-up, bolster business development opportunities, and double the headcount over the next one year. HPCL will also join the board of Tranzmeo.
Tranzmeo has already launched a beta version of T-Connect and it currently analyses 508 km of HPCL’s petroleum pipeline for anomaly detection and prediction.
Founded in 2017 by engineer-turned-entrepreneur, Safil Sunny, Tranzmeo has developed ‘T-connect OneView’, a self-learning, data-driven, comprehensive anomaly forensics application, which runs on data streams to impact energy industries.
HPCL’s investment in Tranzmeo is part of India’s state-owned oil and gas companies’ strategy to partner innovative startups that help them cut costs and increase operational efficiencies.
Ten oil companies have formed a Rs 320 crore fund to support 30 startups across sectors, including fuel and waste management.